Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 47.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,067 shares of the bank’s stock after selling 23,091 shares during the period. DAVENPORT & Co LLC’s holdings in Canadian Imperial Bank of Commerce were worth $1,648,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CM. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after purchasing an additional 1,305,665 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in Canadian Imperial Bank of Commerce during the third quarter worth approximately $62,849,000. Public Sector Pension Investment Board lifted its position in shares of Canadian Imperial Bank of Commerce by 32.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after buying an additional 900,575 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Canadian Imperial Bank of Commerce by 23.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock valued at $195,561,000 after buying an additional 601,234 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in Canadian Imperial Bank of Commerce by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after acquiring an additional 375,837 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on CM. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Tuesday. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $61.67 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a fifty-two week low of $43.86 and a fifty-two week high of $67.45. The firm has a 50-day simple moving average of $63.88 and a 200-day simple moving average of $60.62. The company has a market capitalization of $58.12 billion, a price-to-earnings ratio of 11.53, a price-to-earnings-growth ratio of 1.66 and a beta of 1.05.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 27th were given a $0.6912 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 4.48%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date was Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 51.22%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.